California

Margo at The Society in San Diego
CaliforniaInvestment SalesNewsWestern

Decron Properties Acquires Margo at The Society in San Diego for $125.5 Million

by Channing Hamilton

SAN DIEGO — Decron Properties has purchased Margo at The Society, a 240-unit property located at 201 Del Sol Drive in San Diego, for $125.5 million. The seller was not disclosed. The acquisition was completed through a 1031 exchange. Decron Properties sold two assets in Thousand Oaks, California — Los Robles Apartments for $102.5 million and Retreat at Thousand Oaks for $69 million — and reinvested a portion of those funds into Margo at The Society.  Margo at The Society comprises 240 apartments in one-, two- and three-bedroom layouts. Units …

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An unnamed affordable housing community in Oakland, California
Affordable HousingCaliforniaDevelopmentNewsWestern

Resources for Community Development to Break Ground on Affordable Housing Community in Oakland, California

by Channing Hamilton

OAKLAND, CALIF. — Resources for Community Development (RCD) plans to develop a six-story affordable housing community in Oakland. The complex will offer 77 units, as well as a community room, courtyard with a play structure, leasing offices and ground-floor retail space. Units will be affordable to households earning between 20 and 50 percent of the area median income. On-site supportive services will be available to formerly homeless residents. RCD expects to receive a building permit for the project in late 2023. Construction will begin in the first quarter of 2024. …

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BerkadiaCaliforniaFinanceNewsWestern

Berkadia Arranges $67.2 Million to Refinance Northpoint Apartments in San Francisco

by Channing Hamilton

SAN FRANCISCO — Berkadia has negotiated a $67.2 million loan to refinance debt on Northpoint Apartments, a 514-unit complex in San Francisco. Andy Ahlers of Berkardia’s San Francisco office secured the permanent five-year loan through Fannie Mae. The borrower was NP Apartments LLC. Located at 2211 Stockton St., Northpoint Apartments offers units in studio, one- and two-bedroom floor plans. Amenities include two pools, a fitness center and laundry facilities.

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Tropicana Apartments in Huntington Beach, California
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $7.1 Million Sale of Tropicana Apartments in Huntington Beach, California

by Channing Hamilton

HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of Tropicana Apartments, a 21-unit community in Huntington Beach. CBRE’s Dan Blackwell and Mike O’Neill represented the seller, a locally-based private investor, exchanging into a Delaware Statutory Trust (DST). The buyer was also based in Huntington Beach. The asset traded hands for $7.1 million. Tropicana Apartments is located on a corner block one block from the beach at 201 10th Street. The property comprises 10,096 rentable square feet across four buildings, each of which rise two stories. The gated community was built …

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CaliforniaFinanceNewsWestern

MWest, BGO Secure $47.5 Million Refinancing for The View Apartment Building in Los Angeles

by Channing Hamilton

LOS ANGELES — CIM Real Estate Debt Solutions has provided a $47.5 million loan through a CIM-managed fund to a joint venture between MWest Holdings and BGO. The borrower will use the loan to refinance debt on The View, a 13-story building in the Koreatown neighborhood of Los Angeles. The View features 158 studio, one- and two-bedroom units in a variety of floorplans. The View was originally built in 1965. CIM Group acquired the property in August 2013 following the completion of a comprehensive renovation. MWest and BGO purchased the …

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Mossdale Landing Apartments in Lathrop, California
CaliforniaFinanceNewsWestern

JLL Arranges $51 Million to Construct Mossdale Landing Apartments in Lathrop, California

by Channing Hamilton

LATHROP, CALIF. — JLL Capital Markets has arranged $51 million in construction takeout financing for Mossdale Landing Apartments, a garden-style community in Lathrop. A JLL Capital Markets Advisory Team led by Jeff Sause, Lillian Roos and Jalynn Borders arranged the three-year bridge loan through MF1 Capital. The borrower was Mossdale Landing Owner LLC, a company that is comprised of Rubik Built, Wright Equities and The Grupe Co. Recently completed in summer, Mossdale Landing Apartments features 204 units across 10 buildings. Units come in one-, two- and three-bedroom layouts. Amenities include …

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CaliforniaFinanceNewsWestern

CIM Group Provides $47.5 Million to Refinance 168-Unit The View in Los Angeles

by Channing Hamilton

LOS ANGELES — CIM Real Estate Debt Solutions, a subsidiary of CIM Group, has closed on a $47.5 million loan to refinance The View, a 168-unit building in the Koreatown neighborhood of Los Angeles. The borrower was a joint venture between MWest Holdings and BGO. Originally built in 1965, The View offers 168 apartments across 13 stories. Units come in studio, one- and two-bedroom layouts. CIM Group acquired the property after a comprehensive renovation in August 2013. MWest and BGO then purchased The View in December 2018.

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Sligo Apartments in Silver Spring, Maryland
CaliforniaFeaturesFinanceOperationsWestern

Rental Income, NOI, Operating Expenses of LIHTC Properties Set Record, New Report Reveals

by Channing Hamilton

SAN FRANCISCO — The net operating income (NOI) of properties financed by low-income housing tax credit (LIHTC) equity increased by 7.4 percent in 2022, according to a report from Novogradac, a San Francisco-based accounting firm focused on real estate and community development. The NOI at these properties surpassed the inflation rate, which was 6.8 percent from December 2021 to December 2022, as the nation emerged from the worst of the COVID-19 pandemic. The 2023 LIHTC and Operating Expenses Report — published by Novogradac — tracked data from more than 186,000 affordable housing …

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The Boulders Apartments in Walnut Creek, California
CaliforniaInvestment SalesNewsWestern

Granite Capital Purchases The Boulders Apartments in Walnut Creek, California, for $58 Million

by Channing Hamilton

WALNUT CREEK, CALIF. — Granite Capital Group (GCG) has acquired The Boulders Apartments in Walnut Creek, a city located within the San Francisco Bay Area. Institutional Property Advisors’ Northern California team brokered the deal. GCG purchased the property from an undisclosed seller for $58 million. The company used proceeds from the sale of its Enclave Belle Creek apartments in Denver to fund the acquisition using a 1031 tax-deferred exchange. The Boulders Apartments was built in 1972. The community offers 164 apartments in one- and two-bedroom layouts. Units feature washers and dryers, vinyl …

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CaliforniaInvestment SalesNewsWestern

Marcus & Millichap Brokers $2.6 Million Sale of Building in Los Angeles

by Channing Hamilton

LOS ANGELES — Marcus & Millichap has arranged the $2.6 million sale of a building located at 1807 S. New Hampshire Ave. in Los Angeles’s Pico Union neighborhood. The property was built in 2021 and features four four-bedroom apartments. The fourplex is not subject to Los Angeles’ rent control laws. Jason Tuvia of Marcus & Millichap represented the undisclosed seller in the deal. The name of the buyer was not released.

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